UAE market news & discussions for 18 December 2008There was no positive reaction on the local markets to the record oil production cuts proposed by OPEC last night, perhaps overshadowed by ratings downgrades on several banks and other companies this week. The DFM fell 1% to 1909 points with increased turnover of AED 414m from 248m shares. The ADX fell 1.3% to 2676 with turnover of AED 312m from 89m shares. Aldar dominated trading in Abu Dhabi with a marginal 1 fil increase, while ADCB and Methaq insurance suffered big losses. In Dubai, Arabtec and DFM shares pushed Emaar into third place by turnover, with Arabtec down slightly but a solid rise for DFM shares. On the Nasdaq Dubai, DP World is unchanged at $0.34, and Depa is down 2% as of 15:30 UAE time. Union Properties announced they would be discussing a convertible bond issue in a board meeting next week and shares rose 1% today. Ajman Bank may be opening their first branch later this month according to a report in the FT. Al Jazeera Steel of Oman (ATMI) started trading on the DFM today ... or didn't. There were no orders and no trades but it was "an exciting day" for them anyway. Du was given a "buy" rating in a report from NBK Capital earlier this week. Dubai Financial Market Arabtec (ARTC), down 1.1% to 5.22, and Dubai Financial Market (DFM), up 4.8% to 1.31, both traded about AED 100m dhs worth of shares, ahead of Emaar Properties (EMAAR) turnover of AED 73m worth as it fell by just 0.34% to 2.92. DFM was also the top gainer in a short list of only 5. The others were National General Cooling (TABREED) up 2.7%, Dubai Investment Company (DIC) up 2.5%, Union Properties (UPP) up 1%, and Emirates Integrated Telecommunications (DU) up 0.35%. Global Investment House (GLOBAL), in the news this week with a default risk rating, plummeted by 10% to 8.02 but that was from a solitary insignificant trade of just 100 shares. Emirates NBD (ENBD) was the worst of the more active losers, down by 4.1% to 3.31, Shuaa Capital (SHUAA) ended a bad week with a 3.1% fall to 1.26 on thin trading, Deyaar Development (DEYAAR) fell 3%, Dubai Islamic Bank (DIB) 2.5%, Gulf Navigation (GULFNAV) 2.3%, Islamic Arab Insurance (IAIC) 2%, and the remainder on thin trading or less than 2%. Abu Dhabi Securities ExchangeAldar Properties (ALDAR) turnover at just over AED 200m was about two-thirds of the ADX total for the day, and rose just 1 fil, or 0.2%, to 4.91. The next two in the traded value list were Sorouh Real Estate (SOROUH), falling 1.2%, and First Gulf Bank (FGB) 0.3%, but total turnover between was still less than a quarter of the Aldar total. Out of 9 gainers, only 3 others saw turnover of more than AED 1m - Ras Al Khaimah Properties (RAKPROP) up 1.6%, Agthia Group (AGTHIA) and Arkan Building Materials (ARKAN) up by less than 1%. Abu Dhabi Commercial Bank (ADCB) was the worst of the losers on active trading, falling 8.6% to 2.12. Methaq Islamic Insurance (METHAQ) had a bigger fall of 8.8% to 3.10 but on thin trading. Union National Bank (UNB) was another bank to plummet, down by 5.3% to 2.50, followed by Waha Capital (OILC) with a 4% fall to 0.72. Emirates Telecom (ETISALAT) was down 1.2% to 12.20, National Bank of Abu Dhabi (NBAD) down just 0.9% and the remaining losers fell on light trading or by less than 2%. | |